According to our latest study on “Pharmacogenoics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Application, and End User,” the market is projected to reach US$ 14,107.80 million by 2028 from US$ 7,087.81 million in 2021; it is expected to grow at a CAGR of 10.3% from 2021 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
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Based on technology, the pharmacogenomics market is segmented into PCR, sequencing, microarray, gel electrophoresis, mass spectrometry, and others. The market for the PCR segment is subsegmented into real time PCR, standard PCR, and digital PCR. The PCR segment dominated the pharmacogenomics market in 2021 and is expected to register the highest CAGR during the forecast period.
F. Hoffmann-la Roche Ltd; Abbott; Oxford Nanopore Technologies; Thermo Fisher Scientific Inc; Illumina, Inc; QIAGEN; Agilent Technologies, Inc; Myriad Genetics, Inc; Admera Health; and Dynamic DNA Laboratories are a few leading companies operating in the pharmacogenomic market.
Genomic sequencing is increasingly used in clinical practice, and over the next five years, genomic data from over 60 million patients are expected to be generated within the healthcare system. Pharmacogenomics is rapidly transitioning into clinical practice, and implementation into healthcare systems supported by government investment is totaling over US$ 4 billion in at least 14 countries.
The UK has announced the world’s largest genome project as a part of EURO200 million public–private collaboration between charities and pharma. The country has already developed the largest genome database in the world through the 100,000 genome projects led by Innovate UK as a part of the UK Research and Innovation. The project will fund researchers and industries to combine data and real-world evidence from the UK healthcare services and create new products and services that can diagnose diseases efficiently.
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Moreover, in August 2018, Boston Scientific Corporation, a Massachusetts-based company, announced it landed US$ 4.3 million in seed funding and partnered with Veritas Genetics. The funds will support the company’s mission to enter the era of personal genome sequencing by creating a trusted, secure, and decentralized marketplace for genomic data.
The pharmacogenomics market is segmented on the basis of technology, application, and end user. Based on technology, the market is segmented into PCR, sequencing, microarray, gel electrophoresis, mass spectrometry, and others. Based on application, the market is segmented into drug discovery, oncology, neurology and psychiatry, pain management, cardiovascular diseases, and others. By end user, the pharmacogenomics market is segmented into hospitals and clinics, biopharmaceutical companies, CROs and CDMOs, and others.
In terms of geography, the pharmacogenomic market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Spain, and the Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of MEA), and South and Central America (Brazil, Argentina, and the Rest of SCAM).
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